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Offices; Multibranch Parties - ISDA Provision: Difference between revisions
Offices; Multibranch Parties - ISDA Provision (view source)
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, 22 September 2016→Taxation
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Electing “multibranch party” status allows a [[counterparty]] to transact swap confirms out of various different [[branch]]es of the same [[legal entity]]. Details fans will immediately note that, from the point of view of legal and corporate philosophy — surely a subject dear to every attorney’s heart — the differing [[branch]]es of a [[legal entity]] have no distinct [[legal personality]] any more than does a person’s arm or leg have different personality from {{sex|her}} head. So being a “multibranch” party seems immaterial. | Electing “multibranch party” status allows a [[counterparty]] to transact swap confirms out of various different [[branch]]es of the same [[legal entity]]. Details fans will immediately note that, from the point of view of legal and corporate philosophy — surely a subject dear to every attorney’s heart — the differing [[branch]]es of a [[legal entity]] have no distinct [[legal personality]] any more than does a person’s arm or leg have different personality from {{sex|her}} head. So being a “multibranch” party seems immaterial. | ||
===Taxation=== | ====Taxation==== | ||
Those details fans will have overlooked the strange, parallel universe of taxation. Here it is presence and not legal personality is important. Specifying that your counterparty may trade from its offices in, for example, [[Prague]], [[Kabul]] or [[The Sudan]] may impact the tax payable on payments under the relevant transactions under the [[ISDA]]. Where both parties are multibranch parties and have numerous overseas branches, a complex multilateral analysis of all the different permutations is assured. | Those details fans will have overlooked the strange, parallel universe of [[tax|taxation]]. Here it is presence and not legal personality is important. Specifying that your counterparty may trade from its offices in, for example, [[Prague]], [[Kabul]] or [[The Sudan]] may impact the tax payable on payments under the relevant transactions under the [[ISDA]]. Where both parties are multibranch parties and have numerous overseas branches, a complex multilateral analysis of all the different permutations is assured. | ||
Quoth, elegantly, the a wise man (now departed): | Quoth, elegantly, the a wise man (now departed): | ||